UK and International Tax news
Second Finance Bill For 2017 Published
Thursday 14th September 2017
A second Finance Bill for 2017 together with explanatory notes has been published and this contains provisions dropped from the original Finance Bill 2017 prior to the General Election in June.
The first Finance Bill for 2017 was published in March and originally contained 135 sections and 29 schedules in nearly 800 pages, making it the longest bill to date. It was trimmed to 63 sections, 11 schedules and 155 pages before enactment, given the calling of an early election in June by the PM.
The latest Finance Bill contains over 650 pages, 72 clauses and 18 schedules which, when added to the first Finance Act 2017 should give more than 800 pages of Finance Act enacted in 2017, beating the previous record of 687 pages in 2012 by a large margin.
The resurrected provisions include, in particular,
- new rules on corporate loss relief and corporate interest restrictions,
- changes to the substantial shareholding exemption,
- amendments to anti-hybrid rules,
- cost-sharing rules for the patent box regime,
- new ‘non-dom’ rules,
- restriction in the money purchase annual allowance to £4,000 per annum, from £10,000,
- reduction in the dividend allowance from next April to £2,000 per annum, from £5,000,
- technical changes to certain aspects of tax-advantaged venture capital schemes,
- amendments to social investment tax relief,
- extension of business investment relief,
- changes to termination payments,
- avoidance rules in relation to appropriations to trading stock,
- provisions in respect of ‘making tax digital’
- the new ‘requirement to correct’ in respect of undisclosed offshore tax non-compliance, and
- penalties for enablers of defeated tax avoidance schemes.
The actual timing of the Bill’s passage through Parliament is not yet known but, if it follows a usual timetable, Royal Assent could be in December.
For further information on the second Finance Bill, please contact Keith Rushen on 0207 486 2378.
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